Barry Baker and David Lachoff in the West Los Angeles office of Grubb & Ellis represented the buyer and the seller. The wood-frame and stucco structure, which was 100% occupied at the time of the sale, was built in 1964. Its 16 units include nine two-bedroom, six one-bedroom and one three-bedroom units.
Monthly rents range from $700 to $1,050 for the one-bedroom units and $1,050 to $1,500 for the larger units. Baker tells GlobeSt.com that both the buyer and the seller were in 1031 Exchanges. The property, which features a swimming pool and a courtyard, is near La Cienega Boulevard and Melrose Avenue in a part of Los Angeles near the Beverly Center retail complex and close to Beverly Hills.
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